A billion-dollar Powerball jackpot was won on Monday night, making it only the fifth time in history that such an amount has been reached. The deadline to purchase tickets for the drawing at 10:59 p.m. ET varies depending on the location where you buy them, typically ranging from one to two hours before the drawing.
The winner of the $1 billion prize can choose between receiving annuitized payments spread out over 29 years or taking a lump sum of $483.8 million, with taxes due on the prize in either scenario. It has been three months since the last Powerball jackpot winner, who won an $842.4 million prize in Michigan on January 1.
The odds of winning any Powerball prize are 1 in 24.9, while the odds of winning the jackpot are 1 in 292.2 million. If you are lucky enough to win the jackpot, it is important to plan wisely to ensure long-term financial stability.
